Sling Therapeutics, Inc., a clinical-stage biopharmaceutical company developing the first and only late-stage oral small-molecule therapy for thyroid eye disease (TED), today announced the close of a $123 million Series C financing. The financing was led by Forbion and included participation from existing investor TPG Life Sciences Innovations and new investor Sectoral Asset Management.
Proceeds from the financing will support the continued clinical advancement of linsitinib, an oral small molecule inhibitor of IGF-1R (insulin-like growth factor 1 receptor), a validated target for the treatment of TED. Sling has commenced the global Phase 3 ORBIT pivotal trial for adults with moderate to severe active TED. Alignment on the pivotal Phase 3 study design was secured during a successful End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) earlier this year.
The pivotal Phase 3 ORBIT trial builds upon Sling’s previously completed Phase 2b/3 LIDS trial, which met its primary endpoint of proptosis (eye bulging) reduction in patients with moderate-to-severe TED and exhibited a differentiated safety profile, particularly in IGF-1R areas of interest such as hearing impairment, glycemic changes, and menstrual cycle changes. As a result of these data and recognition from the FDA that TED is a serious disease in which patients could benefit from new treatment options beyond what is currently available, linsitinib was granted Fast Track designation. Therapies with Fast Track designation receive more frequent interactions with the FDA regarding a designated drug’s clinical development program, alongside eligibility for Rolling Review, Accelerated Approval, and Priority Review, if relevant criteria are met.
“This financing reinforces our conviction in linsitinib’s potential to transform the treatment landscape for people living with TED as the first and only oral IGF-1R inhibitor in late-stage development,” said Ryan Zeidan, Ph.D., President and Chief Executive Officer of Sling Therapeutics. “The data generated to date give us confidence in linsitinib’s potential to meaningfully address important limitations of current TED therapies and offer patients an effective, convenient oral treatment option that could be used earlier and more broadly in the treatment journey. With the support of a high-quality investor syndicate, we are well positioned to advance linsitinib toward commercialization with urgency and purpose for the TED community.”
In conjunction with the financing, Regina Salvat, Ph.D., of Forbion and François Beaubien, Ph.D., CFA of Sectoral Asset Management have been appointed to Sling’s Board of Directors.
“Sling has demonstrated compelling clinical progress with linsitinib, supporting its potential to become an important new treatment option for patients with TED,” said Regina Salvat, Ph.D., Partner at Forbion. “TED can have a devastating physical and emotional impact on patients, and we believe there remains a significant unmet need for therapies that combine compelling efficacy with improved convenience and tolerability. We are proud to support Sling’s next phase of growth as the company advances what could become the first oral IGF-1R therapy for TED.”
“Linsitinib offers the combination of a validated target, a differentiated safety profile, and the convenience advantage of an oral therapy for patients who currently face invasive surgery or lengthy infusion regimens,” said Peter Bojo, Principal at TPG Life Sciences Innovations. “Our continued investment into Sling reflects our confidence in the team’s execution and in linsitinib’s potential to meaningfully improve the treatment paradigm for TED patients. We’re pleased to deepen our commitment to the company as it remains focused on delivering what could be a transformative option for TED patients.”
About Thyroid Eye Disease (TED)
Thyroid Eye Disease (TED) is a serious, progressive, and vision-threatening rare autoimmune disease that is estimated to affect more than 200,000 people in the U.S. TED often occurs in people living with Graves’ disease and hyperthyroidism and is caused by dysfunction in the IGF-1R (insulin-like growth factor 1 receptor) signaling pathway, which results in fibrous tissue growth behind the eyes. This leads to several negative symptoms that may have long-term, irreversible damage as the tissue growth pushes the eyes forward or causes the eyes and eyelids to become red and swollen. As the disease progresses, it can lead to pain, eye bulging (proptosis), and vision loss in severe cases, thus dramatically impacting a patient’s quality of life. TED predominantly affects women, and most frequently affects people with hyperthyroidism due to Graves’ disease. The current standard of care typically involves either invasive orbital surgery or a lengthy series of infusions with potential adverse events like loss of hearing, hyperglycemia, or menstrual cycle changes.
About Linsitinib
Linsitinib is a convenient oral small molecule in clinical development for thyroid eye disease (TED). Linsitinib works by inhibiting IGF-1R (insulin-like growth factor 1 receptor), a validated target in TED and the only target for currently approved therapies. Activation of the IGF-1R target leads to inflammation and proptosis seen in TED. Linsitinib has an established safety profile through treatment of more than 900 patients in 15 clinical trials in multiple diseases. Linsitinib has received Fast Track Designation from the U.S. FDA.
About Sling Therapeutics
Sling Therapeutics is a clinical-stage biopharmaceutical company focused on the late-stage advancement of an oral small molecule therapy for the treatment of thyroid eye disease (TED). Linsitinib, an IGF-1R (insulin-like growth factor 1 receptor) inhibitor, is designed to provide TED patients with an effective, convenient oral treatment option while reducing the treatment burden on patients, physicians and the healthcare system. For more information, visit www.slingtx.com.
About Forbion
Forbion is a leading global venture capital firm with deep roots in Europe and offices in Naarden, the Netherlands, Munich, Germany, and Boston, USA. Forbion invests in innovative biotech companies, managing over €5 billion across multiple fund strategies covering all stages of (bio)pharmaceutical drug development. In addition to its human health focus, Forbion also invests in planetary health solutions through its BioEconomy strategy. The firm’s team of over 30 investment professionals has a strong track record, with more than 130 investments across 11 funds, resulting in numerous approved therapies and successful exits. Forbion is a signatory to the UN Principles for Responsible Investment and operates a joint venture with BGV for seed and early-stage investments in Europe.
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